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Wednesday, 1 November 2006

Don't use Wells Fargo as your bank

Their online banking seems attractive, but it has a fatal flaw.

It doesn't show a running balance with each transaction, just a mythical 'available balance', and a long list of 'pending' transactions. The trouble is, the pending transactions become actual at different times. In particular, any debits become actual before any credits. So, if you have a large pending deposit of, say, your salary, a few small transactions that come through first can take you overdrawn. Wells Fargo will then charge you $33 per transaction for these overdraft transactions. The $33 doesn't pend at all, it just disappears from your account into their profits, along with all the interest they are earning on 'pending' your deposits.

As I said, avoid Wells Fargo banking.




Technorati Tags: banking, ethics, extortion, Wells Fargo

Posted by Kevin Marks at 01:16

3 comments:

Anonymous said...

Suntrust is the same way, I think their overdraft fee is a few dollars less, but nonetheless it's the same principle.

July 17, 2008 7:13 pm
Anonymous said...

Hi! What an interesting blog! I should say that financial companies at the present time, may be very dangerous. The thing is that a large proportion of such institutions are a fraud. They are established to get money from the clients and then suddenly disappear or go bankrupt. They trick in people by offering high interest rates on the deposit accounts. It is better to give your money to a trusted company, like Wells Fargo, for example. Browse this great site www.pissedconsumer.com for customers’ reports about the company.

August 08, 2008 4:41 am
Spearcarrier said...

I second that: avoid Wells Fargo.

In our case we were approved for a VA loan at 100%. However, the underwriter isn't satisfied and demands things we cannot provide; one of them a new power of attorney so that I can handle things while my husband is in Iraq. *Nevermind* he's been given one alrady and it was fine *before* we finished up his conditions for the 2nd time. Not to mention that most of the drama is from an error on the application that *they* put down. The bank has been stringing us along for so long that my daughter no longer lives with me and I'm at a friend's house quite homeless. It shouldn't matter that our credit scores aren't the best. Approved (not pre-approved) is approved. And a bank error on their part is not something I should have lost my family over.

September 09, 2008 6:59 am

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Kevin Marks
Kevin Marks works on IndieWeb and open web tech. From 2011 to 2013 he was VP of Open Cloud Standards at Salesforce. From 2009 to 2010 he was VP of Web Services at BT. From 2007 to 2009, he worked at Google on OpenSocial. From 2003 to 2007 he was Principal Engineer at Technorati responsible for the spiders that make sense of the web and track millions of blogs daily. He has been inventing and innovating for over 25 years in emerging technologies where people, media and computers meet. Before joining Technorati, Kevin spent 5 years in the QuickTime Engineering team at Apple, building video capture and live streaming into OS X. He was a founder of The Multimedia Corporation in the UK, where he served as Production Manager and Executive Producer, shipping million-selling products and winning International awards. He has a Masters degree in Physics from Cambridge University and is a BBC-qualified Video Engineer. One of the driving forces behind microformats.org, he regularly speaks at conferences and symposia on emergent net technologies and their cultural impact.
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